COLUMBUS, Ohio, May 11, 2021 /PRNewswire-PRWeb/ -- As the revised tax day deadline approaches, business owners should familiarize themselves with the federal and state incentive programs that have been setup to support them this year and beyond. The newly passed American Rescue Plan is the last in a series of bills that collectively aim to deliver $5tn in stimulus to the economy, with a significant amount earmarked towards funding small businesses. However, many businesses owners aren't taking advantage of them, according to a new study from Clarus, the leader in world-class technology that enables every business to unlock the full value of tax incentives for innovation and growth. According to the new survey of 500 business decision makers, 62 percent of businesses are hoping to leverage incentive programs in 2021; however, 40 percent say they haven't participated prior to the Paycheck Protection Program (PPP). Nearly half (44 percent) say they haven't participated because they don't know if their company qualifies. And more than one-third say it's because they "don't need it."
"Our mission is to help more businesses access the incentive funds that are intended to help them," said Brent Johnson, co-founder of Clarus. "For small and midsize businesses, in particular, the process to understand and maximize these benefits is a complicated one, which is why our technology helps to simplify, manage and automate it from end-to-end. By doing the heavy lifting, Clarus enables businesses to focus on their core tasks while ensuring they can unlock the funds that help them grow - something that has become paramount in 2021."
Nearly four in 10 businesses say they manage incentive programs on their own and 34 percent rely on their accountant/tax advisor to stay up-to-date on changes and opportunities for incentive programs, including new decisions being made in Congress. The study also shows that an overwhelming majority (88 percent) of businesses would be more willing to use a solution to manage incentive programs if it was backed by accountants.
The Clarus cloud-based software was created by tax and technology experts and is used by businesses and CPAs to help streamline the process of claiming tax credits. With its custom software, Clarus provides access, compliance and clarity to better support businesses and ensure more companies can leverage lucrative incentive programs.
"For our business, tax credits are essential - and by better understanding what's available, we can claim credits that are out there for us. And the more we can claim, the more we can reduce taxes and grow to support our customers," said D'Ann Anderson, Vice President of Operations at CornerStone Staffing. "Clarus fights for us to help us get the most tax credits available and has become an invaluable resource as a result."
Clarus monitors more than 60 state and federal tax incentive programs and has helped companies secure more than $175MM in incentive dollars. For more information, visit claruscredits.com.
About the Survey
Zogby Analytics was commissioned by Clarus to conduct an online survey of 500 business decision-makers in April 2021. Using internal and trusted interactive partner resources, thousands of adults were randomly invited to participate in this interactive survey. Based on a confidence interval of 95%, the margin of error for 500 is +/- 4.4 percentage points.
Clarus is the leader in world-class technology that enables every business to unlock the full value of tax incentives for innovation and growth. Founded by tax and technology experts, Clarus builds cloud-based software to deliver access, compliance, and clarity for federal and state programs. With Clarus, companies of all sizes can realize and optimize the power of government programs to materially impact their business. For more information, visit claruscredits.com.
Aimee Eichelberger, Superior PR, 3129521528, [email protected]